Bank stocks

The New York Stock Exchange said a manual error caused wild price swings and trading halts for hundreds of company stocks when the market opened Tuesday.

A wave of sell orders targeting financial services stocks swept across American equity exchanges at the open of trading Tuesday, sending companies including Wells Fargo and Morgan Stanley to brief but sharp plunges from which they mostly quickly recovered.

Across the U.S. financial industry, a pattern is emerging of small lenders plowing into crypto and a variety of other hot niches, sending their stocks soaring and eventually crashing.

Bank of Montreal, which is working to close the largest acquisition in its history, is selling C$3.15 billion ($2.31 billion) in equity to make sure it can meet Canadian regulators' recently increased capital requirements.

The bank was worth more than $365 billion by Thursday's close of New York trading, overshadowing the social media giant once valued at more than $1 trillion.

Bank of Nova Scotia shares are on pace for their worst year since 2008 as analysts warn of weakness in the Canadian lender's international business and uncertainty about the shake-up in its leadership.

The House passed the legislative package, which includes an excise tax on stock buybacks, in a 220-207 vote.

Canadian banks fell more than 20% from their record high set in early February as recession fears send investors fleeing.

The combination of higher inflation and higher rates has caught up with bank stocks, now on course for their their worst monthly performance in more than two years.

The U.S. is poised for recession most likely in 2023 and bank stocks are expected to fall behind the broader market, according to 525 respondents to the Markets Live weekly survey.